Focus On Continuation Funds: U.S. Private Funds Update

Private fund activity has remained robust into 2022, with fundraising taking place across the spectrum of industries, including in the private equity, real estate, venture capital and credit spaces.

The most notable and recent development in the private funds space has been the release by the Securities and Exchange Commission (SEC) of proposed new and amended rules for private fund advisors (a summary of the proposed rules can be viewed here). The proposed rules prompted a strong reaction from the market, from fund sponsors and investors alike, with many on both sides viewing the rules as an unusual foray by the SEC into private business. While the comment period has closed, we expect that the final rules will ultimately mirror the proposals in many respects.